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with interest low and not with our model. >> that's first hour. going out on a high. second hour under way right now. thanks, guys. >> we did go out on the highs. welcome to "closing bell." maria bartiromo is back tomorrow. bill griffeth back in a moment. high hopes washington will rise above and fix the fiscal cliff is what many say is the spark for the largest rally in over two months. we rallied all the way to the close, folks. closing at the highs of the session. dow up 207 points, 12,796. reapproaching that 13,000 level appear so the point. nasdaq up by 63 points. and the s&p 500 higher by about 27 points. all gains of at least 1.5%, sometimes more than 2%. >> certainly a sea of green today for wall street. was it today's rise above rally and was it for real? we had a couple of skeptics with
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me just now. we are going to be closing up more than 200 points. margie from wells fargo funds management joins us, so does michael from destination wealth management and joe greco will be with us in a few moments here. rick santelli is staying late as well with this rally here. >> ready to go, joe? >> yes. >> what do you make of the rally? >> i guess when republicans want to peek past what is involved besides a tax increase, that signals a compromise. so, the markets say, hey, maybe they'll work things out in washington. the unfortunate thing is this lift today will be met with more selling as we get closer to the holiday and the long weekend. >> this is not a new phase here -- >> you can look at volume, behavior of the trading and it looks like we'll have a little more of a lift. we've broken through a level that held nicely. started to lift onto the tail end of the day. i think if we can get a little
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closer to the tail end, but toward the end of the year, we'll test higher. >> do you believe this is a rise above rally? do you believe it won't hold? >> it's going to be very choppy. what bill mentioned about the 200-moving day rally, there's a sentiment when the market gets to a certain point, we're starting to see that, certainly with the clients we're talking to. yes, huge fear about the fiscal cliff but also is in the back of their mind fear about missing rally. they've already missed the rally in many cases. clients that have been sitting in cash. i think there is some bounce on this market. whether or not the market will go back to the highs it was at before, i think that's a business suspect. of course, it all depends on negotiations. i think there is an underlying fear if this market gets away from us. i think it's what you saw with apple. >> apple has become a proxy for this market. a huge rally, best since last april. >> out of correction territory.
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>> look at that, 7.3% gain for a stock that is $565. once again, rick santelli, what did you make of today's action? i haven't seen the ten-year in the last few minutes but i don't know if it sold off commensurate with the rally in stocks but what did you think? >> it didn't. that's one thing that has to be factored into the equation. certainly three basis higher than 158 friday. global stocks coming into our time zone were a bit higher. after existing home sales, the national home index, builders index, being the best level since may of '06, all of those contributed to even more upside in stocks, which made sense. the treasuries, call them party poppers, but they virtually haven't moved the last three hours. >> interesting. margie, what are you telling people here as we wait to see whether or not there's actually going to be some kind of resolution to the fiscal cliff?
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do you tell people to get involved? do you tell them to wait? what do you do? >> i think we may have a little more correction. i think we've had some selling to take advantage of lower capital gains rates and people just concerned about all the negative news out there. bottom line, when you get into 2013, so little competition from risk-free treasuries compared to the cash flow and equities, you really have to look for where you can find those sectors with a little sustained growth in a low growth world. very selectivity. >> where are you finding them? >> u.s.-based companies. i'm looking for companies whose primary operations are in the u.s. as opposed to emerging markets xhshgs is how i felt for the last few years. i think sectors such as pharma, specialty and big pharma, i think reit sector is very interesting because they can take advantage of the low treasury rates, and i think in the tech space there are a few opportunities but very selective to a handful of companies.
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>> i'm going to look at you here, joe. bellwether stocks and what they say about the nature of the market. years ago ibm was the bellwether stock. for years general electric, our former parent company, was the bellwether. now apple is with this huge rally today. i know you're a little skeptical about what this rally's employ tod -- about today. but do you follow it? >> i think everybody will agree on the cause but it's the longevity is where i take issue. apple will remain a proxy just because it has, obviously, enormous cash hoard. people are talking about what the dividend will look like. is that going to grow? plus we're only a few week as way from the retail spending going to go into all the new products. that's a perfectly positioned stock. i really want to have one more argument. the president has said he wants to bring jobs back on these -- on this soil. in doing so, the price of labor has to go up.
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that's going to be handed down to the consumer. everything is going to get handed down to the consumer which will drive up price, which is most lickly going to drive up the gross of sales. >> can we talk about apple again. have you done any technical analysis of it? let's bring up the one-year chart again. i think a lot of people look at the steady decline, the correction we saw, then see it rise today. maybe start to get nervous and think, oh, that was the moment to get in and now -- this could feed on itself. have you looked at apple lately? >> we look at apple all the time. >> i bet. >> if you look at the last time apple went down to 560, 570 is when they missed earnings. what's happening with apple is they can't sell enough product because there's massive supply. if you go to the stores right now, shockingly, people are still lining up at 5:00 in the morning to get the iphone 5. i was in shanghai three weeks ago and people are lining up to get the iphone 5. it's essentially what happened when the iphone was delayed when
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their earnings would hit negatively for a while until they released the product. >> what do you make of apple and what it says about the market right now? >> it's easy. it's the piggy bank trade. the fiscal cliff is when do you want to play defense? when you play defense and crack the piggy bank, it's the stock that's widely held, has the most positive cash in the trade. so, those are the big stocks i'd watch to continue to be vulnerable once congress comes back. >> you must have an opinion on apple? >> i think it's addition i own it in my fund. i have a modest position because it has all the volatility and hopes and dreams of the whole marketplace so i like a modest size position but it doesn't have any competition so the price you make in apple is to have the volatile base. >> we started on the markets and an apple seminar broke out. >> thank you for joining us. >> i love that phrase, it has
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all the hopes and dreams of the marketplace. thanks, guys. confusion over the fiscal cliff. for every pessimist who thinks we'll go over it by year's end, there is an optimist who says we'll be able to avoid it and stop running this video that's very noisy. we'll discuss fiscal cliff scenarios next and help you decide what to do with your money. >> it's so old that's super-8 film we're showing. later, speaking of the fiscal cliff, companies like wynn resorts are paying special dividends now to help their investors avoid higher tax rates later, meaning next year. we'll go through the list of companies jumping on that band wagon. later, can the twinkie be saved? we'll have the latest on hostess's brand bankruptcy plight. really weird twist. stay tuned for that. huge development in the last hour. wait until you hear what a rank and file union member has to say about choosing between the deal that was offered or the unemployment line. you're watching cnbc because we
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welcome back. some retail earnings out moments
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ago. bertha coombs has the latest our ban outfitters. >> missing on the bottom line, reporting 40 cents a share. the street was looking for 41 cents. revenues were more or less in line at about $693 million. the same store sales is where they missed. expectation was for better than 4%. it was actually down 1%. although, their online business, direct to consumer, was strong, up 36%. but those stores apparently did not quite make the grade. back to you. >> looks like it. thank you. stocks otherwise rallied today on hopes that lawmakers may be able to reach a deal on the fiscal cliff. before the end of the year. if you're keeping store, and i know eamon javers is, 42 days before. >> eamon javers is on capitol hill with the latest on the cliff talks. that looks like an empty hallway. >> reporter: we wanted to bring you some action on capitol hill. as you can tell, not a whole heck of a lot going on on capitol hill even though we're
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just 42 day as way from the fiscal cliff. we're on the senate side but congress and a lot of staff are already off on thanksgiving vacation this year. the president is in cambodia on a multi-stop overseas trip in asia. behind the scenes, believe it or not, even though this corridor is empty, there is actually work going on here in washington, including by the president of the united states, who called a bunch of ceos over the weekend before he left on his trip and take a look at thanksgiving week here in washington and get a sense of who he called starting with jamie dimon, tim cook of apple and warren buffett, for insights into where they think we should be going in terms of the fiscal cliff. hill staff tell me they're putting numbers on paper here for what could be a fiscal cliff deal. they want to get those numbers and prospective ideas to the principles, the members of congress themselves, before thanksgiving so they can review it for expected white house negotiating session after thanksgiving. of course, outside groups throughout washington are mobilizing here, including labor
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groups, which have announced that they're launching a five-state, six-figure television ad. they're going to campaign and take it to the people. they want to send a message of protecting medicare, medicaid and social security. those groups mobilizing, groups on the right mobilizing, anti-tax groups mobilizing. there's a lot of stuff going on behind the scenes in washington. >> oh, boy, more campaign ads are coming. >> that's good for our bottom line. i'll take that. it's good for our bottom line. >> bad for the eyes and ears. eamon, last man standing in d.c., thank you. let's talk about investing when it comes to the fiscal cliff. no matter what you hear out of washington, stan collins says don't buy it. he says the rally on wall street based on constructive talk out of lawmakers is misguided. he feels we're a long way from any kind of a deal. >> cnbc contributor zachary disagrees. he's more optimistic about
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prospects for a deal and equity markets. i'm going to start with you, zachary. why do you -- why are you so optimistic regardless? >> first of all, it's optimism of unless you can provide me with the perfect crystal ball that says you know the outcomes of a negotiation that is -- doesn't have a lot of precedent other than the debt deal last summer, i'll take that crystal ball. i don't think any of us have that. gaming out these probabilities of, you know, a 55% chance we go off the cliff. a 70% chance, 30%. i have no idea what the probability is, nor does anybody else. i just think that january 1st is not drop dead. congress could pass a bill on january 20th that grandfathers back to january 1st, whatever presumed harm goes for that three weeks. two, i don't see this situation remaining permanently unresolved for the next year or year and a half. >> so, you're optimistic something gets done. stan, why are you so negative? >> especially when we're putting
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our handses in the future of a committee of politicians. >> first of all, zachary just made my case. he was saying he's not sure it's going to happen by january 1st, because it doesn't have to. he's exactly right there. but constructive, that word is what got wall street to rally. that's like listening to henry kissinger say, i can see light at the end of the tunnel when he was talking about the vietnam negotiations. this was a statement or statements that was probably drafted in advance, that means nothing. nothing has changed on the politics. if you listened over the weekend, the democrats and republicans both retreated to their respective corners without any indication that they're willing to move towards the other side on spending or revenues. >> do you think that we're -- do you think we're then going back to to that period in august of 2011 that zach was referencing earlier when there was all that rangeli wrangling over the debt ceiling, huge volatility in the market, and when all was said and done, nothing got done. do you think we're headed that way again? >> it could be worse.
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the debt deal set up the fiscal cliff with the promise debt reductions would occur. now we say we raise the debt ceiling and deficit reductions may not occur, should not occur, in my opinion. why would you think if they set up a two-step process now that we're going to get any more out of the next two-step process than we got out of this one. >> zachary, i agree -- i think a lot of people look back on that august time period that bill is referring to and say, oh, that could happen again. but what a lot of people forget is that was the very same weekend italian yields were approaching 7%, we were live in rome at 1:00 in the morning when trichet was trying to save the world in europe. it was their lehman moment. presumably -- >> but at least they've solved the debt crisis in europe -- oh, no, wait, they haven't. >> the ecb is in a very different place than they were at the time. >> political dynamics have changed in washington. whether you like it or not, they have dramatically changed in washington. >> we had a status quo election. >> we had a election that
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returned more democrats in the senate, republicans lost eight seats in the house and the temperature of politics in washington did change. you're right. it wasn't a dramatic election compared to the past. you know, the other part is, investors have to game out the difference between short-term uncertainty and longer term trends. europe may not be fixed. it's not going to be fixed for years. but it's not a proximate crisis like in august. china's growth trajectory is growing. america is on a pretty solid path. i think that has to be the aperture through which you make these analysis. i'm not all into anything because, yes, there's uncertainty out there. companies are making money. multiples are compressed. they tend to expand when revenues go down. i think there is good reason to be in this market. >> to put a fine point on it, stan, you wouldn't buy this market because you're fearful of what's going to happen in washington? >> well, i would say there's a
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good argument to be made for timing the market. that is, if you're expecting, as i think is going to happen, the market's going to react or overreact after we hit the fiscal cliff and go over it. >> do you think it will go down? >> yes, i do. but it will be emotional as opposed to substantive at that point. zachary's right, this will be recoverable shortly thereafter. if we go over the fiscal cliff, it's like the peasant storm, the castle with pitchfork strategy. and then this will all be fixed retro actively. >> i'll meet with you my pitchfork, okay? a little pitchfork party. >> thanks, guys. elsewhere, walmart is trying to prevent workers from protesting outside its stores because they need to work on thanksgiving. of course, this is expected to be its busiest sales weekend of the year, as it will be for all retailers. the latest on the battle between walmart and its employees who they say they deserve to have thanksgiving day off. coming just ahead. up next, what's happening in vegas is not staying in vegas.
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wynn resorts the latest company to pay a dividend to help investors avoid higher tax rates expected next year. who else will do the same? is it wise to make a big move like this? we aren't sure what the tax laws will be. plus, ac/dc finally caves. the legendary rock band has just now allowing its music to finally be downloaded on itunes. >> i have been waiting! >> there you are. wait until after the show. we'll be playing you some of the music you can now pay for digitally as we head to the break. >> this is my favorite ac/dc song. do you know the title? >> head banger. i don't know. 4 [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations,
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. walmart, the latest company to move its dividend up, pay it early to avoid big tax hikes triggered by the fiscal cliff maybe. brian shactman has details. >> by now you know the drill f we go off the cliff, tax rates on dividends could swing from 58% to 40%. that possibility enough for a lot of companies to issue special dividends or move up payout dates, which is what walmart announced. instead of paying out early in 2013 the 40-cent dividend will be payable on september 27th. they said they did it because they recognized there were complex fiscal and federal tax rate issues that may not be resolved in the next few weeks. you might recall casino magnet
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steve wynn announced a special dividend, before the election. goldman sachs wrote about this early in the fall, actually naming wynn as a candidate for this. they also noted it's more common for these things in q4. goldman didn't just nail it on wynn, they called it with franklin resources, transdigm and western refining. we'll watch them in the new year, if no deal is made, of course, bill, walmart up about 1.5%. back to you. >> brian, thank you very much. let's talk about this. many expect vinnesteto see thisf the looming cliff. is it wise or investors to try to buy stocks guessing on what the dividend tax will be coming
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2013. >> michael, you don't think this is a good idea, these companies bringing the money forward. why not? why not help out an investor? you know taxes are probably going to be higher come january 1st next year. why not give the money snerl. >> i think a bad idea to take the money forward. if you take the money out of wynn and take the $750 million out, if you believe in trickle down economics will get back in the economy but that's $750 million in cash that wynn resorts doesn't have internally to go out -- >> hold on. we have a second with your microphone. we'll get that fixed and go to lee first. >> i think he said something, but we'll get back to him. lee, you argue investors shouldn't be playing into these special dividends. >> not at all. >> we don't know what the taxes will be. >> i thought walmart and steve wynn is a perfect setup. walmart is a no-brainer. they move it back a few days. they don't need to know
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anything. it's immaterial. steve wynn, that's where we to want ask him, do you to want save $20 million on taxes? are you that secure your credit will be so great you'll be able to borrow next year if you need that cash? or do you to want ask steve wynn, do you not have anything to invest in because 2013 is going to stink? those are the questions i want to ask. i think giving money away, i think it's great. why should corporations keep all this cash? make them lean and mean. >> the way you're dividing it, if you were going to give the money anyways, why not move it up, but you question if they were going to in the first place? >> here's the thing that bothers me a little bit. it won't be until next year we know did that ceo -- if you're a ceo, think about it, you get an out, you goat say, i'm grog give this money back so the tax man doesn't steal it from you versus saying, i'm unsure about what my cap-ex is going to be because of a european recession. that sounds weak. that sounds like you don't know how to invest money. to say it's to save taxes, hey,
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you have pressure off you. >> i think we have michael's mike fixed. >> is it working? hello, guys. >> all right, michael n the house! >> i was brilliant before, by the way. i'm so sorry. >> you want it word for word. >> i said most everything lee just said. but the thing that i would add at this point, too, if you're an individual investor, even if you're one of these big steve wynn big wigs, i've seen more people make profoundly stupid mistakes by making investment decisions based on tax ramifications. it will screw you up over and over again. if you have a good investment, you stick with a good investment. it doesn't change just because the tax rate changes. yes, if you go from the 20% to 40 -- 15% up to 46-point something percent. that's a big deal on dividends and other things. but if you have a company that's growing earnings and making good investments, those companies you stick with. so -- >> but wait a minute -- >> the idea about -- you have to
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question, does the company have something better to invest in -- >> i get that. >> -- or do they just need the cash? >> but if i'm somebody living off these dividends, i rely on this income and my taxes may go from 15% treatment of that dividend income to 40% next year, am i hurting myself by taking that early dividend, even if it doesn't go to 40% next year, michael? >> i don't think you ever hurt yourself by taking a little cash off the table if do you that. i think more the question is, you know, you don't have a lot of choice. i mean, yields stink. dividend yields, even though they're high relative to bonds, they're still no good for folks relying on income. the tax burden we hope on that middle class investor is not going to go up. by and large, if you can take the cash at a lower rate and you have something to do with, it that's not a bad thing to do. >> all right, guys. lee and mike -- we have some consensus somewhere in there. >> somehow we did. could be an 11th hour save
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for twinkies, and wonder bread. the latest on a shocking decision by a bankruptcy judge today. plus, a rank and file member of the bakers union is here. if the union allowed a vote on the deal, would the strike be over? >> i can't wait to talk to him. later, does walmart have a case? the retail giant trying to prevent its workers from protesting outside its stores because they don't want to work on thanksgiving. we'll have the latest developments on that continuing, evolving story as well. later, nintendo is out with a new video game console it hopes will be a game changer this holiday season. we'll talk to the head of the u.s. division dwigs about whether it can play catch-up to microsoft. >> pisani's ours. you are a bus. governor of getting it done. you know how to dance... with a deadline. and from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above,
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we have breaking news regarding jpmorgan. kate kelly has that for us right now. >> after a relatively brief surge jpmorgan has gone to-n to name a new chief financial offer and named mary ann lake who runs their community and banking group. they're divide into major divisions. mary ann lake has been with the company for a number of years. she was the controller of the investment bank previously. she's been running consumer and community bank for a couple of
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recent years and now cfo starting in the new year and join the company's operating company. lake succeeds bronstein, who was cfo in recent years and decided recently he would step down, possibly go back to investment banking where his roots are, or possibly do something within or outside the company. those details are not clear yet but what we do know is jpmorgan is going to have its first -- i'm sorry, second female cfo. >> thanks so much. female cfo. we're getting somewhere, bill. >> that's a good thing. >> you want me to do this? >> it says your name. >> bertha coombs has all the numbers for us. we did set some benchmarks. >> we did. it was a great day. we're calling it the rise above rally today. it was a broad rally. everything back in the black today. or in the green we like to say when we take a look on the screen. all the major averages moving higher. dow having a great day. all 30 components finishing
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higher on the day. you also had the s&p. the nasdaq was the outperformer. the nasdaq 100 in particular. one of the reasons was apple. it was among the best performers of the day. tyson had a fantastic day after earnings beat the street handily on the bottom line, 55 cents versus 45 cents even as revenues came in shy, driven by pork exports. apple having a strong day, abercrombie with a good report as well. apple accounted for about 14% of the move up today in the s&p. it accounted for a third in the nasdaq composite. with today's recovery, up only about a week high, but with today's up, it moves out of the bear territory, no longer down 20% from the all-time high of $700. a lot of funds cut exposure on apple according to that at the end of the third quarter so they locked in some of those gains.
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we'll see if they're coming back in now. >> that's exactly what i was wondering. >> you wonder how much was selling ahead of the fiscal cliff to lock in capital gains, right? >> what we were just talking about last segment. >> now you can get back in. another big talker today, twinkie's big developments in the battle to save the twinkie. hostess and bakers union agreeing to mediation because the judge asked them to. kayla joins us with details and what it all means. >> michelle, the judge asked them to basically in the name of the 18,500 jobs that are on the line by liquidation, but right now it's pretty much a waiting game. hostess and bakers union will have the private mediation with the judge's supervision, basically a counselor, helping them to reach an agreement. that starts tomorrow at 1 p.m. in white plains. it's an attempt to reach an agreement over wage and pension cuts the union voted against. if they reach an agreement tomorrow, liquidation is off the table. if not, the judge will reconvene that hearing for wednesday. now, in the case they start
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shutting down, several buyers could be on hand for hostess's assets like the twinkie and wonder bread brand, according to people familiar with the matter. sources say some two dozen parties have made inbound calls to the company since the announcement friday it would liquidate. usual parties group, flower group among them, as well as several snack food companies and supermarkets. they all to want save hostess. the problem is, guys, they think hostess in its current state, the capital structure is too own russ and has the unionized issues f issues. if you capital reach an agreement, what would a new buyer do with them? we should know within the next 24 hours who will be the new owner? >> do you think it can be resolved in the next 48 hours? the judge has given them a single day to have mediated talks before they reconvene on wednesday. given the angst, given the complicated nature of the business, given the travails of
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this company, do you think they can sofl it in a day? >> i don't know. they declared bankruptcy for the second time in january of last year. at their time their advisers put all hands on deck and tried to sell the company then. they ran a full process, i'm told 40 parties were involved and couldn't sell it then. just because we're in the 11th hour now, it's hard to figure out how this, you know, long-standing process that could not get resolved over the last 11 months could get resolved in a day. it certainly is, you know, a pressure cooker type atmosphere. we hope it will get resolved because of those jobs. at this point, it's unclear how that would actually happen. >> exactly. kayla, thanks. good stuff. let us know if you hear anything in the meantime. we're anxious to meet the next guest, mike hummel, a member of the bakers union who used to work at a wonder bread factory. he was absolutely convinced his job was not worth saving after reading the terms of the latest deal that was on the table from the company. now, mike is joining us to talk
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about this. now that they're talking again, and you're out of a job, you were as of friday f i'm correct on this, would you be willing to go back to work? would you welcome your job back if these two sides can come back together again tomorrow? >> well, of course. love wonder bread. i would love to make this job last for me and all my coworkers. it would be great. >> what did you mean it wasn't worth saving? and you didn't to want take the deal that was on the table. >> well, right. the deal they put on the table it would have left us in poverty. it was a five-year contract and by the time the five years was up we would have been in a horrible state as individuals. the job i had was great. it would be hard to replace, no question. but the job they're trying to give us, the contract they're trying to force on us, i can replace that job all day long. you know, there's -- they want to turn it into a, you know, a
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bottom of the barrel type job where you can't support a family. i'm not willing to help them do that. >> what if -- do you know what necessity -- i was going to say, they would say that the company can't survive unless they cut wages by that much. you don't believe that? >> no. they lost over $100 million a year for almost a decade or something like that. they lost $341 million last year. the concessions they're asking for for us are only $190 million. there's still $151 million in the hole. my problem isn't that we have to accept concessions. 4 it's that i don't believe in this company as a -- as capable of getting us out of bankruptcy and creating a quality product. i mean, they're really just interested in selling off the brands without the union labor costs. that's all they really want. this isn't a company trying to make bread and make a profit. i mean, these are hedge funds trying to liquidate us. >> behind closed doors, they're
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saying the teamsters wanted this and that the bakers went rogue and blew off the teamsters. what's wrong with that narrative? >> that's what they're trying to convince everyone. that's a load of junk. the fact of the matter is at the bakery on a daily basis when we were meeting with teamsters in the break room hanging out on a normal day like we would see a guy in the hallway or whatever, you know, there was no battle between the teamsters and the bakers about how this should play out. it was pretty much well known that everyone was going to turn this down. then when the votes came in, the teamsters were on -- had voted the other way. there's a lot of -- you know, i think, frankly, there's some questions about that. i have yet to meet a teamster that thinks this was a good idea. lots came out and stood at the corner with us. >> what are you doing in the meantime? you got another job lined up? what are you going to do? >> i've been looking at jobs online today. you know, and then also i applied for unemployment yesterday.
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we'll see how that plays out. i don't -- i don't have a clue. i've never been on unemployment. i hope not to be for very long. if they're going to mediate, then perhaps we can find something that will get us back into place, but the fact is, they steal money out of my hourly wages. i'm not willing to allow them to do that. i mean -- >> would you work there if you were a nonunionized company? >> here's the thing, is if they were to sell us to another company, i would negotiate or consider being nonunion with whoever it was. and i would understand that i probably -- you know, there would be cuts involved. i'm not willing to give those cuts to people who all they really want to do is sell us on the auction block. frankly, have been stealing money from me. i don't know about you, but i'm not going to make a deal with someone who steals from me. >> they did load the company up with debt. >> well, yeah, they did that. >> exactly. exactly. >> that's her point. >> right. well, people don't understand is that we pay our own pension.
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i'm not saying the company's never put any money in that, but we pay it. we contribute over $3 an hour. to our individual pensions that the company -- they take that money and they reroute it to our pension program. in july of last year, we received a letter, i think it was july, that said, sorry, we're going to borrow that money and it's over $3 an hour. it's technically over $4 an hour because we also pay -- >> how much did you get paid per hour? before that how much did you get paid per hour? >> okay. my take-home was $16.12 an hour. i made $16.12 an hour on a normal day. that would be what i take home. you know, like that's -- there's -- it's technically over $4 that we contributed. so people are saying, well, you guys make $20 an hour. i contribute $4 of that to my pension. and the company decided to keep that money. it's not that they stopped paying my pension. it's that they collect my pension money from me and then
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they don't send it to the pension. i don't know why -- you can't have a negotiation with someone you can't trust what what they say. if they steal from you, you can't trust what they say. it's not terribly complicated. >> mike, you sound like a very smart guy. i know you'll land on your feet no matter where you end up. we certainly hope it works out well for you and we hope you have a good holiday. >> all right. thank you very much. >> thanks. >> mike hummel. >> thanks so much for coming on. >> i mean, that is the face of the story right there. that's what we're talking about. we all joke about twinkies and hohos but 18,500 jobs on the line with that story. moving on to something very different. high hopes for a company for their new hardware. nintendo is launching a new video game console in time for the holidays. we'll speak with the head of the west division about its potential to leap frog rivals microsoft and sony. >> look at pisani there. that's why he hasn't been talking about the stock market the last hour. plus, happy thanksgiving or
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not. that labor fight between upset walmart employees and the retail could get ugly before the key black friday weekend. we have the latest on that story coming up as well. a little ac/dc as we head to break. a business news connection. the aussie rock band ending its apple boycott. no wonder the stock rallied. ac/dc going to license the entire catalog to appear toll make its songs available on itunes. back in a moment. back in black! n you take a clos. the best schools in the world... see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... they can inspire our students. let's solve this.
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welcome back. it's the wii-u. bob pisani, what happened to the stock market today? he doesn't know -- >> because he's playing -- >> i'm killing aliens. this is the future. >> look at that one. that's what i'm interested in. >> a game pad. >> they have married a tablet with the game player on the wii-u. >> it will never replace -- >> you are a swordsman, bob pisani. >> joining us to talk about one of the hot games for the christmas season, reggie is the president and coo of nintendo of america. good to see you. welcome back. >> good to see you. >> you're launching it right before christmas. that makes sense. >> this is the wii-u, the entire proposition of the game pad controller, which -- >> you're using my intord. >> -- which utilizes 6.2 inch touch screen.
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the console itself, which is communicating with the game pad, communicating with the internet, this is our big new innovation we launched yesterday. already well sold through in retail. not a lot of stock left until we start replenishing in a couple days' time. >> so that -- i mean, there will be more available for christmas. >> we'll have more available on black friday in retail locations. >> what pisani is doing here reminds me of the kinnect for microsoft. >> with the kinnect, not a lot of games to play. the controller itself is a lot more precise which allows you to have these kind of experiences. >> easy does it, bob. >> it also allows you to have a much richer multiplayer experience. five different people, four on the remote, one person on the game pad. >> so they're playing each other right now? this is news to me. okay. >> this is a cooperative game. so, they're playing together.
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>> against the pigs? >> against the pigs. the person with the game pad has -- they're shooting arrows. with the remote he's using the sword. >> a few years ago when the wii was introduced, you guys were going to be a broader audience. not the typical gamer. this feels more like you're going back to the gamer type now. >> interestingly, we're still going against this broad audience of 5 to 95. we're having a range of different experiences. nintendo land is very much for that entry gamer, but it also has games like call of duty, mass effect, a lot of the more core games because it's an hd system. now we're getting a lot more support from third-party publishers. >> much broader pan of product you can do. >> absolutely. >> best of luck with us. bob, how about the s&p being above the 200-day moving average? >> did you see apple today? no, you didn't. you look good. >> i'm looking forward coming home with a console today. >> i better. >> we'll take a break.
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come back with more "closing bell" in a moment. [ female announcer ] want to spend less and retire with more?
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let's look ahead with 30 seconds on the clock.
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our next guests are here to tell us what they think will move the markets tomorrow ahead of the huge rally today. >> joining us is kevin cumins from uvs and tim moor from cavt money management. 30 seconds on the clock. what are you watching tomorrow? >> the focus in the u.s. will be on october housing starts. housing starts were exceptionally strong in september. looking for a bit of a pullback in october partly reflecting hurricane sandy. fed chairman bernanke is likely to at least hint that further stimulus is coming in december replacing operation twist with straight treasury purchases. we are going to be focusing on communications policy. >> could be bernanke day tomorrow. eric, what are you looking for tomorrow? >> bank expanded asset purchases
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by 21 trillion over the past months and we expect them to pause on easing. we expect the yen to remain weak moving forward. we will be looking at the european finance minister's meeting. optimism has helped to support risk and the euro. >> you left 12 seconds behind. last but not least, tim. >> we look to the continued overampplication of investors realizing that the market is not pricing in as much of the price increase. so we expect retail investors and hedge funds to start putting more money to work. we think the rally is sustainable into mid december when congress does it. we look to people sitting on the sidelines to come in and being active given the reward
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scenario. >> our producers thank you. they can get out of the fetal position because we may get out in time today. 200 o-point day. >> can the rally continue? stick with us. if you think running a restaurant is hard, try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase.
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national labor relations board front and center in the dispute between wal-mart and employees about working on thanksgiving. >> black friday is still four day away but there is already a big battle brewing. on thursday wal-mart part of the store workers announced their intention to stage protests on black friday. the protesting workers are complaining of low wages and other working condition concerns. later that day wal-mart filed for an injunction with the national labor relations board to stop worker protests claiming the protests are recognitional picketing or with the intend to get wal-mart to recognize the union. the wal-mart group is getting advice from the united food and commercial workers international union and says supporters like
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ufcw members are taking action to support wal-mart associates. there is nothing in the law that gives the employer the right to silence citizens. wal-mart says attacks are unlawful and says they will protect their associates and customers from on going illegal conduct. an injunction is uch that it moves to the top of the list. the agency confirms it has sent representatives to gather affidavits from wal-mart officials. once the information is gathered they will decide whether to file a petition for an injunction to stop the protest. this is very, very complicated. >> oh, boy. happy thanksgiving everybody. thank you, courtney. so big rally day. the question is this the beginning of something or is it a one-day wonder? >> dow higher by 207 points.

Closing Bell With Maria Bartiromo
CNBC November 19, 2012 4:00pm-5:00pm EST

News/Business. Maria Bartiromo. Analysis of the day's winners and losers in the stock market. New.

TOPIC FREQUENCY Us 28, Washington 11, Steve Wynn 5, Apple 5, S&p 4, Zachary 4, Nintendo 4, Europe 3, U.s. 3, Ac Dc 3, Stan 2, Teamsters 2, Bakers Union 2, Wynn 2, Schwab 2, Bob Pisani 2, Eamon Javers 2, Bertha Coombs 2, Mary Ann Lake 2, Mike Hummel 2
Network CNBC
Duration 01:00:00
Scanned in San Francisco, CA, USA
Source Comcast Cable
Tuner Virtual Ch. 58 (CNBC)
Video Codec mpeg2video
Audio Cocec ac3
Pixel width 528
Pixel height 480
Sponsor Internet Archive
Audio/Visual sound, color

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on 11/19/2012